In Brief

Why is Gina Miller demanding a review of Andrew Bailey as Bank of England governor?

Anti-Brexit campaigner lays blame for series of scandals at the door of Financial Conduct Authority

Campaigners are demanding the chancellor holds an independent review into Andrew Bailey’s appointment as Bank of England governor, saying his tenure at the Financial Conduct Authority was characterised by a “toxic cocktail of negligence, incompetence and indifference”.

The True and Fair Campaign group, led by Gina Miller, is calling on chancellor Rishi Sunak, and the head of the Treasury select committee, Tory MP Mel Stride, to force Bailey to face questions over a string of financial scandals that wiped out the savings of small investors during his time as chief executive of the City regulator.

Miller said of Bailey: “On his watch, tens of thousands of Britons have lost money – in many cases losing their life savings which has devastated their lives, families and business.”

She added that if Bailey were confirmed in the “highly responsible and prominent role” of Bank of England governor, “it would be a gross betrayal of the government’s duty to protect consumers and a textbook example of rewarding failure”.

Investment Week says Miller’s report, Asleep at the Wheel: An expose of systemic regulatory failure and consumer detriment, lays the blame for a series of scandals at the door of the FCA.

The Guardian says that the alleged failures included the lack of investigation into allegations contained in Lloyds’ internal Turnbull report, in which a former employee claimed executives covered up fraud at the HBOS branch in Reading.

It adds that there are also allegations of “a lack of sufficient regulation around peer-to-peer platforms like Lendy which collapsed last year” and “the collapse of London Capital & Finance and the liquidation of Neil Woodford’s once-popular flagship investment fund”.

An FCA spokesperson told City AM: “We utterly reject these claims which contain numerous inaccuracies and are made with little understanding of the role of the FCA.”

Miller, a businesswoman, is best known for being at the forefront of anti-Brexit campaigns, coming to prominence through a series of court challenges.

–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Start your trial subscription today –––––––––––––––––––––––––––––––

Recommended

The gas crunch
The UK’s gas supplies are reliant on Russian pipelines
Getting to grips with . . .

The gas crunch

EasyJet/Wizz: battle for air supremacy 
Wizz Air and easyJet aircraft
In Brief

EasyJet/Wizz: battle for air supremacy 

Apple event product launches: iPhone 13, Watch Series 7 and more
iPhone 13 and iPhone 13 mini come in five aluminium colours
In Focus

Apple event product launches: iPhone 13, Watch Series 7 and more

The Future Fund
Rishi Sunak: picking winners?
Expert’s view

The Future Fund

Popular articles

Doctor says we should not sleep naked because of flatulent spraying
The feet of a person sleeping in a bed
Tall Tales

Doctor says we should not sleep naked because of flatulent spraying

World’s most extreme weather events in 2021
Wildfire in Greece
In pictures

World’s most extreme weather events in 2021

The man tasked with putting a price on 9/11’s lost lives
Kenneth Feinberg at a Congressional hearing
Profile

The man tasked with putting a price on 9/11’s lost lives

The Week Footer Banner